Reading response

Reading response

According to the article Accessing Globalization, Kohut and Wike(2008) state that people around the world have different views on globalization, which brings about economic development as well as people’s concern. One of the most significant impacts of globalization is the tendency of losing traditions. There’s no denying that globalization is having a homogenizing influence on the local culture. As mentioned in the article, people are influenced by many American productions in their everyday lives, such as American movies and music, and they are worried about their own traditions fading away. While globalization promotes the integration of societies, the incoming culture can conflict or even substitute the local one. This is especially true for traditional societies, whose economic growths are tremendously fast. For example, some local beverages, like tea in some Asian countries, are at the risk of being replaced by coffee, as the number of Starbucks shops is increasing rapidly. Hence, with people’s concern becoming reality, it is very important to figure out a way of protecting their own identities.

Reference: Kohut, A., & Wike, R. (2008). Assessing globalization: benefits and drawbacks of trade and integration. Havard International Review.

Summary-Assessing Globalization

Kohut and Wike state that people around the world have different views on globalization, which brings about economic development as well as people’s concern. People in developing countries are more likely to support globalization, hoping for benefit from global trade, investment and free markets. However, globalization is less supported by people in the West  because international corporations become less popular. In addition, people also express concern about its downsides, such as a greater income disparity due to uneven distribution of wealth, environment destruction, and lost of traditional way of living as the costs of economic growth. Globalization also causes immigration issues. With more people moving in order to have better new and better opportunity, the increase in immigrants may also have bad impacts on some countries. As globalization has both benefits and drawbacks, majority support this idea cautiously.

Source: Kohut, A., & Wike, R. (2008). Assessing Globalization: Benefits and drawbacks of trade and integration. Havard International Review.

Scary Oil

Summary - Scary Oil

The most significant risk that today’s economy faces is the increase in oil prices. The rise is not due to supply, but due to the fear of a war between Israel and Iran, as conflicts in the Middle East caused the last three international recessions. The US has attempted to prevent Iran from developing nuclear weapon. If it fails, the US will use military means to stop Iran. As a result, geopolitical tension may intensify, push oil prices higher and cause a global recession.